Posco Q1 Net Profit Declines 54%

Posco PKX reported a 54% fall in its first-quarter net profit. Posco's quarterly consolidated net profit dropped to 292.26 billion won ($262 million), versus KRW635.64 billion, in the year-ago period. However, analysts were expecting a profit of KRW502.4 billion. Its operating profit declined 4.7% to KRW716.92 billion from KRW752.36 billion, while sales fell 11% to KRW14.582 trillion from KRW16.309 trillion. Posco shares closed at $71.70 yesterday.